Retirement Plan for USA Citizens: A Case Study on Data Path Ltd.

Abstract

This report explains different aspects of the Retirement plan process in the USA and Bangladesh. This report represents the process and procedures which are followed by Data-Path Ltd. This report has been organized into four different chapter with different topics. The retirement plan industry, often known as 401(K) which is one of the largest industries in the United States. The US government advises that this policy be implemented. Companies who follow this strategy are exempt from paying taxes to the government. Data-Path is the first Bangladeshi company which is specialized in outsourcing in this field. Data-Path was presented to the industry by July Business Services which is the mother firm. Because the average pay in the United States is so high, they prefer to have their business processes outsourced to other countries. At Data-Path, a fantastic internship opportunity arose, allowing me to obtain a wealth of knowledge about the 401(K) industry and its accounting methods. This industry's accounting methods are extremely different and more difficult than standard accounting in Bangladesh. For various cases, they employ various formulas and government-approved rules. All of their operations are subjected to rigorous testing in order to qualify for government tax breaks. As a result, all businesses must adhere to the rules to the letter. Most of their accounting procedures and database systems that include information about their clients were learned during the internship time. It was an honor to get this level of corporate knowledge and antiquities, which will be quite useful in the future.